Final answer:
The standards of conduct and moral values practiced by admired companies are referred to as corporate responsibility, which is encapsulated in their codes of ethics. Such guidelines are influenced by broader normative moral theories and societal norms, helping ensure that companies' actions align with the cultural and ethical expectations of their time and place.
Step-by-step explanation:
The standards of conduct and moral values that admired companies practice are known as corporate responsibility. Companies, as well as professional organizations, issue codes of ethics which articulate these responsibilities and values. For instance, the IEEE-CS adopted the Software Engineering Code of Ethics and Professional Practice that outlines the ethical obligations of software engineers, including ensuring safety and respecting privacy. Furthermore, these corporate ethics are related to broader normative moral theories and societal norms, which include laws, morals, values, and customs that govern social life and actions deemed acceptable within a culture.
Societies have norms classified as mores, which are moral views and principles leading to serious consequences when violated and may be protected by law. The importance of establishing norms and standards of moral conduct to guide behavior is part of normative ethics, which is essential for both individuals and corporate entities to consider in order to maintain ethical practices in their professional activities.